Manchester City Lettings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06748335 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2017

FOR

MANCHESTER CITY LETTINGS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J Platt

C Kearns

REGISTERED OFFICE:

1 City Road East

Manchester

M15 4PN

REGISTERED NUMBER:

06748335 (England and Wales)

ACCOUNTANTS:

KAY JOHNSON GEE LLP

1 City Road East

Manchester

M15 4PN

FIXED ASSETS

Tangible assets

4

4,116

8,264

CURRENT ASSETS

Debtors

5

32,676

52,191

Cash at bank

226,367

224,180

259,043

276,371

CREDITORS

Amounts falling due within one year

6

229,957

252,844

NET CURRENT ASSETS

29,086

23,527

TOTAL ASSETS LESS CURRENT LIABILITIES

33,202

31,791

PROVISIONS FOR LIABILITIES

823

1,653

NET ASSETS

32,379

30,138

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

32,279

30,038

SHAREHOLDERS' FUNDS

32,379

30,138

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors on 20th September 2018 and were signed on its behalf by:

J Platt - Director

1.	STATUTORY INFORMATION

Manchester City Lettings Limited is a private company, limited by shares, registered in England and Wales,

registration number 06748335. The address of the registered office is 2nd Floor 1 City Road East, Manchester,

M15 4PN. The address of the principal place of business is 371 Bury New Road, Prestwich, Manchester, M25

1AW.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for

estimated customer returns, rebates and other similar allowances.

Turnover from the sale of goods and services is recognised when all the following conditions are satisfied:

-

the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

-

the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of turnover can be measured reliably;

-

it is probable that the economic benefits associated with the transaction will flow to the company; and

-

the costs incurred or too be incurred in respect of the transaction can be measured reliably.

Specifically, turnover from the sale of goods is recognised when goods are delivered and legal title is passed.

Tangible fixed assets

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation on fixed assets is charged to the profit and loss so as to write off their value, over their estimated

useful lives, using the following methods:

Plant and machinery

-

20% on cost

Office equipment

-

33% on cost

At each balance sheet date, the company reviews the carrying amounts of its fixed assets to determine whether

there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any

such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the

impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company

estimates the recoverable amount of the cash-generating unit to which the asset belongs.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of

the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised

estimate of its recoverable amount, to the extent that the increased carrying amount that would have been

determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A

reversal of an impairment loss is recognised as income immediately.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans

to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period

for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is

recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to

realise the asset and settle the liability simultaneously.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense

recognised as other comprehensive income or to an item recognised directly in equity is also recognised in

other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed

by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered

against the reversal of deferred tax liabilities or other future taxable profits; and

- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances

have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the

effective interest method, less impairment losses for bad and doubtful debts except where the effect of

discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for

bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the

effective interest method unless the effect of discounting would be immaterial, in which case they are stated at

cost.

Operating leases

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments

under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2016 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Office

machinery

equipment

Totals

£

£

£

COST

At 1st January 2017

12,890

16,567

29,457

Additions

-

953

953

At 31st December 2017

12,890

17,520

30,410

DEPRECIATION

At 1st January 2017

7,099

14,094

21,193

Charge for year

2,578

2,523

5,101

At 31st December 2017

9,677

16,617

26,294

NET BOOK VALUE

At 31st December 2017

3,213

903

4,116

At 31st December 2016

5,791

2,473

8,264

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

6,477

-

Other debtors

26,199

52,191

32,676

52,191

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

5,098

15,887

Taxation and social security

60,376

50,177

Other creditors

164,483

186,780

229,957

252,844

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

55

Ordinary "A"

£1

55

55

20

Ordinary "B"

£1

20

20

25

Ordinary "C"

£1

25

25

100

100

8.	RELATED PARTY DISCLOSURES

During the year, total dividends of £70,000 were paid to the directors .